DailyTimeCapsule brief
December 31, 1933
On December 31, 1933, the banking sector in the United States celebrated a significant victory with the announcement of a suspension of certain codes that had previously imposed heavy service fees. Bankers welcomed this move by President Franklin D. Roosevelt and his administration, particularly Secretary of the Treasury Henry Morgenthau, Jr., who noted that the secrecy demanded by the National Recovery Administration (NRA) had fostered an undeserved 'odium' on financial institutions. Further bolstering this positive sentiment, data released showed that bank assets had increased, with total assets amounting to $21,198,549,000 as of October 25, compared to $20,860,491,000 earlier in the year. Additionally, new regulations governing silver coinage were made public, requiring miners to maintain detailed records and submit monthly reports. The financial landscape was cautiously optimistic as the nation was navigating the challenges of the Great Depression, with recovery efforts at the forefront of political and economic discourse.
Key developments
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On December 31, 1933, bankers celebrated the suspension of codes that delayed implementation of heavy service fees they feared would hurt their business. They expressed that the 'odium' directed towards them was undeserved, highlighting the secrecy demanded by the National Recovery Administration (NRA). The statement emphasized their compliance with imposed rules while seeking relief from financial burdens.
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As of October 25, 1933, total bank assets reached $21.2 billion, showing a significant increase from $20.9 billion at the end of June. This growth was highlighted by a rise in government security holdings by licensed banks, totaling an increase of $80 million. The data was presented by financial expert O'Connor, emphasizing the banking sector's recovery amidst the Great Depression.
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RULES FOR SILVER SENT TO MINTS; Morgenthau Makes Public the Regulations for Coinage Prescribed Dec. 21. AFFIDAVITS ARE REQUIRED Miners Must Keep Complete Records and Make Monthly Reports of Operations.
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